9A

Continuing Your Opportunity Research

My hypotheses is that having an automatic teller machine in bank drive through lanes which senses the high of the driver’s window would greatly convenience customers who presently struggle to stretch up or down to reach and use ATM machines. I have interviewed 5 new subjects about the idea and three of them had no use for the idea. The explanation given by two of them was that they never use the drive through ATM machine as they either went into the bank to transact their business or took cash back from wherever they shopped if they needed cash. The third person actually did use his bank’s drive through ATM, but he has a regular four door sedan so he did not have to reach up or down to use the ATM machine.  The other two individuals interviewed had SUV’s, did use bank drive through ATM’s, and liked my idea.

Inside Boundary Who is in? Customers who use Bank Drive though ATMs What the need is. Drivers of SUVs, minivans and sports cars. Why the need exists? People want to be comfortable when transacting business and a one height fits all vehicle ATM is inconvenient to many customers.

Outside Boundary Who is not? Customers who do not use Drive through ATMs What the need is not. Drivers of four door sedans. Alternative explanations. Many people do not care about this minor occasional inconvenience and those in four door sedans or those who do not use drive through ATMs would not have any use for this product.

10A

8A

In this exercise, I'd like to keep things simple. All I ask you to do is to come up with a solution to the problem you have identified in the preceding exercises. Your solution can involve a product or a service, or a combination of the two.

Please provide enough detail regarding your (1) selected opportunity and (2) product/service so that we can fully understand what you intend to sell to your customers and so that we can provide sufficient feedback to you.

The opportunity presented is to make an ATM machine which either automatically detects the high of vehicles in drive through banks or which can be easily adjusted to accommodate the height of each vehicle. To my surprise, as shown by this link, it appears that such a product already exists. https://www.atmmarketplace.com/videos/new-wincor-atm-screen-adjusts-itself-to-vehicle-height/.

There still however is an opportunity here for an entrepreneur. In am not aware of any banks in Florida which use this type of ATM so I could approach the manufacturer of this product, which is based in Germany, to propose becoming an exclusive distributor in Florida or perhaps the United States for this product. I would have to research the machine’s cost, reliability and security before contacting the manufacturer.

Ultimately, this product could make using drive through ATM’s more convenient to customers by adjusting to the height of their vehicles.

7A

1) Pick an opportunity you would like to pursue. From this point forward in the class, many of these exercises will be related to a specific venture you want to start. Here's where that path starts.



Height adjustable drive through ATM machines.


2) Clearly state the opportunity you have identified, including the who, what, why.


People who have sports car and use drive through lanes at the bank often find themselves having to inconveniently reach up to make deposits or use the ATM. Similarly, people who have minivans or sports utility vehicles often have to reach down to make deposits or use the ATM.



I believe there is an opportunity to install drive through ATM machines and drive through deposit slots which automatically detect the high of the window of each vehicle and adjust to it making it convenient for customers who drive all types of vehicles to make deposits and transact business.


3) This is your 'hypothesis' about the opportunity. It is a statement of your belief related to an opportunity. I'd like you to test the boundaries of the hypothesis by pushing and prodding each of the three elements. That means:


Testing the who: Are there others who have this need? Or, does everyone in your current 'who' share the need?

The people who have the above-described need are pretty much anyone who uses the drive through lanes of their bank to transact business who does not drive a regular sedan.

Testing the what: What are the boundaries of the need? For the example above, the questions you'd ask could include, "Are all drugs a challenge, or just some drugs?" "Are all patients a challenge, or just some patients?" "Is it just Medicare, or does it include Medicaid or private insurers?" Etc.


All bank customers who drive sports cars, minivans or SUV’s must struggle and reach in awkward positions to use the drive through deposit lanes and drive through ATM machines.


Testing the why: Not everyone will perceive their need the same way; here, I'd like you to test the boundaries of the 'why' -- for the people who have the need you have identified, what are the range of whys that they offer? Does the "why" you have identified hold for everyone? For the example above, maybe some hospitals will see their need rooted in logistics, maybe they'll blame government bureaucracy, maybe they'll blame the nurses and doctors.


Some bank customers will not likely perceive the need as essential as they have become accustomed to struggling to reach the drive through ATM or deposit slots. Others, who are young and flexible, may also not perceive the height of these ATM machines and deposit slots to be such an inconvenience.

4) In Part 1, you must interview five people. These interviews must be lengthy enough for you to get the information you need. In these interviews, you want to ask questions that try to capture the variation in the whos, whats, and whys, and your objective is to test the boundaries of your opportunity hypothesis.

5) Include your write-up of each step in your assignment. For step 4, please summarize what you find. Given your interviews, what do you know about the opportunity that you didn't know before?

I interviewed five people for this project. Four were customers of banks who regularly made deposits in drive through lanes and the other interview, which actually was the most interesting, was that of a bank branch manager. Three of the four bank customers interviewed never really gave any serious thought to the issue as they deemed having to reach higher or lower to constitute only a minor inconvenience. When the potential solution of having the ATM machines and deposit slots adjust to the high of each vehicle was given to the interviewed customers, each customer liked the idea.


When I interviewed the bank branch manager he surprisingly said this was not that new of an issue to him and that several of his elderly and disabled customers had complained to him about having to reach excessively to make deposits into the deposit slots of the drive through lanes. He also shared that he received the same complaint about drive through ATM machines. The most interesting aspect of my discussion with the branch manager was when he told me that he knows of a company in Germany named Wincor Nixdorf International which has invented an ATM machine for drive through banking which adjusts to specific vehicle heights and tilts the ATM screen in the direction of the customer to account for each vehicle’s height.


A summary of the interviews led me to some definitive conclusions. Firstly, the average bank customer who uses the drive through ATM or deposit slots does not perceive having to stretch to do banking as such an inconvenience. The second thing I learned was that the technology I believed did not exist actually does exist; it just is not employed in any banks that I have visited. There still might be an opportunity to be an exclusive distributor for this German company in Florida or the United States. Whether such an opportunity truly exists will be determined by the banks’ desire for this technology, the costs of each machine, their reliability and security.

6A

Esther Goldstein

Christopher Pryor, PhD

ENT 3003

September 9, 2018

Assignment 6A


Opportunity One

Sneakers and other Apparel for Red State Voters


Recently, Nike made controversial former NFL quarterback Colin Kaepernick its spokesman. This made many younger people happy as they tend to be more liberal, but angered many conservatives who believe that his disrespect for the American Flag and National Anthem should not have been rewarded by a lucrative contract from Nike. Some conservatives have burned Nike apparel and vowed never to purchase Nike products again. After Nike’s decision was announced its stock fell almost four percent.


I believe that an opportunity exists to market and sell a new product line of sneakers to conservatives who make up a large amount of the population in this county. Everyone needs sneakers and if conservatives are going to no longer purchase Nike products then an opportunity might exist to start a new brand of sneakers and target Red state consumers. The sneakers would be made in the United States and a portion of the profits would be given to local law enforcement agencies to help them combat crime and to the military. The brad could be called “Sneakers for a Cause” and would be primarily sold in Red state markets. The only problem with this opportunity is that it would be an extremely costly venture and there are already competitors of Nike (e.g. Adidas and New Balance) who can fill this void left by Nike.



Opportunity Two

Marijuana Bank


Numerous States around the country such as Colorado, California, Oregon, Maine, Nevada, Massachusetts and Washington, already have enacted laws allowing the recreational use of marijuana. However, in those States, marijuana companies are having trouble with bans because they are federally chartered and marijuana is still considered illegal under federal law. As a result, these cash rich companies have great difficulty finding a bank to allow them to deposit their funds.



While there are many offshore banks, few, if any, specifically market themselves to the marijuana industry. Such a venture would amount to a match made in heaven as it would give offshore banks a great source of new revenue and allow marijuana companies the ability to safely deposit their profits. The problem with this venture would be how to physically get the cash to the offshore banks. Without the ability to do that this beneficial financial arrangement could not be consummated.


Opportunity Three

Elder Care Assistant Company



Each year people in the United States live longer lives because of exercise, better nutrition and improved health care. More elderlyAmericans are choosing to live independently. Often times their primary helpers are their adult children who have busy lives of their own and lack sufficient time to care for their parents’ daily needs.


There appears to be a great opportunity to establish a home elderly helper company which would consist of sending non-medically trained employees to homes of elderly customers to help them with their daily needs such as hygiene assistance, meal preparation, housekeeping, and food and necessities shopping. The target market for this venture would be States where there are large amounts of aging retired residents (e.g. Florida). While this opportunity exists, there are already some companies which provide this type of service.


Opportunity Four

School Security



Unfortunately, mass shootings in schools are becoming more common. While there are many security companies, few, if any specialize in school security. A company could be successful by hiring retired military personnel to serve as school security guards and by having a program to analyze and physically secure school properties, including recommendations to alter the physical structure of a school. The target market would be school boards around the country who want to secure their schools to properly safeguard their students. The only downside of this opportunity is that startup costs would be significant as along with hiring guards, the company would like need to hire architects and engineers to assist in making recommendations to physical alterations to school properties to make them more secure.

5A

Esther Goldstein
Assignment 5A


In your post, list the five "opportunities." Each opportunity should include:


· The title of the article


· The link to the article.


· A description of the story, in your own words


· A description of the problem presented in the story


· A description of who has the problem






1. Miami Herald – September 8, 2018


https://www.miamiherald.com/news/weather/hurricane/article218054745.html


Title: By the end of Saturday, three named storms will be intensifying in the Atlantic, forecasters say






Hurricane season is underway and there are three tropical systems in the Atlantic. The problem presented by a storm named Florence is that it is expected to turn into a hurricane. The people who could potentially have a problem are residents of North Carolina and South Carolina who now appear to be in the storm’s path. An opportunity obviously exists for Home depot and Lowes to sell hurricane associated products such as flashlights and generators. Grocers such as Wal-Mart have an opportunity to sell non-perishable goods and water.






2. Sun-Sentinel - September 8, 2018


http://www.sun-sentinel.com/business/fl-bz-phillip-frost-securities-fraud-20180907-story.html


Phillip Frost, Miami science museum’s namesake, charged with securities fraud






A well-known South Florida philanthropist was charged by the Securities Exchange Commission with stock fraud. The allegations against Mr. Frost are that he and several of his business associates made millions of dollars by manipulating the price of a stock to the detriment of investors. The person with the problem is Mr. Frost and his colleagues who are facing these charges. An opportunity perhaps exists for a lawyer or law firm who specialize in defending cases brought by the SEC.






3. Tampa Tribune – September 8, 2018


https://www.tbo.com/news/business/corporate/Jewelers-made-a-take-a-knee-pun-on-a-billboard-Now-they-re-getting-death-threats-_171611482


Jewelers made a ‘take a knee’ pun on a billboard. Now they’re getting death threats






A jeweler rented a billboard attempting to capitalize on the current NFL national anthem controversy by showing a man kneeling on a football field with a caption “If you’re going to take a knee this season, please have a ring in your hand!" Initially, the advertisement was well received, but recently the owner of the jewelry store received death threats because of the advertisement. The person with the problem is the jeweler and his store. An opportunity might exist for a security guard to protect the jeweler and his family. An opportunity also may exist for a reputation management team to repair any damage that the advertisement might have caused with people who were offended by it.






4. Orlando Sentinel – September 8, 2018


http://www.orlandosentinel.com/news/nationworld/ct-mac-miller-dead-20180907-story.html


Rapper Mac Miller dead at 26



The article is about a young rapper who apparently died of a drug overdose. Obviously this is a sad event for the rapper’s friends and family. An opportunity may exist to sell this rapper’s memorabilia to his fans who want to preserve his memory.




5. Tallahassee Democrat – September 8, 2018


https://www.tallahassee.com/story/news/local/fbi/2018/09/08/watchdogs-say-city-manager-hiring-process-could-violate-sunshine-law/1225820002/


Watchdogs lament city manager hiring process, warn of potential Sunshine violation



The City of Tallahassee is in the process of hiring a new city manager and an organization is concerned that City business is not being conducted in the public view. The concern arises because the search firm retained to recruit a new city manager is privately discussing its recommendations with individual elected officials instead of making its recommendations public at a public meeting. There really appears to be no legal or ethical problem, just one of bad publicity concerning this process. An opportunity perhaps exists here for a law firm which specializes in local government ethics to be hired to write an opinion for the city that all that occurred is lawful and ethical.

4A

Assignment 4A
Esther Goldstein


Our conceptualization of an opportunity tends to change over time. As we act and interact with our surrounding environment, the beliefs we form related to an opportunity change, shift, and recombine in unique ways. This exercise is meant to capture the experience of opportunity conceptualization, which is the development of a belief that an opportunity exists. Opportunity identification can happen instantly (i.e., you notice that a new regulation is going to require firms to hire a lot more CPAs). Other opportunities form over a period of time. This exercise focuses on the latter. It's almost like you're cultivating an "pet opportunity".


Here's what you should write in your post:


1) Your beginning point. Do you have a belief, supposition, or feeling than an opportunity exists? This belief may have come from your completion of prior exercises. Only select one belief.


In visiting my sister who attends UCF, I noticed that she and many of her friends enjoy going to a gas station called Wawa. One day, I went to visit this gas station with her and was surprised by what I found. The gas station had a clean separate kitchen area in which it had ready to order, custom made, sandwiches and salads. I quickly researched whether this Wawa gas station chain had any sites where I live, in Miami-Dade County and learned that it did not. In fact, the closest Wawa location to my Miami home was in Western Broward County.


2) Describe your belief. Be sure to include a few things. First, what is the unmet need? Second, who has the need? Third, where did the need come from (is it new, or has it always existed)? Four, what are people doing to meet this need now? (These four elements are important -- we'll come back to these.) At this point, how sure are you (say, in percent terms) that this opportunity exists?


The unmet need is to have a full-fledged high end sandwich and salad shop inside of a clean gas station. I think many people have this need as this type of restaurant/gas station concept does not otherwise exist. Specifically, while there have been Subway franchises inside of gas stations for many years, Wawa’s vast sandwich and salad menu and cleanliness is unmatched. I believe this need always existed and has never previously been met. Currently, people in Miami who need gas and are hungry have to make two stops, one for gas and another at a restaurant.


3) Identify the prototypical customer.


The typical customer will be someone who wants to eat breakfast, lunch or dinner at a location after filing up their car with gas.


4) Iteration No. 1: Go talk to a prototypical customer. Ask questions related to the four criteria above. Questions can (should) include: What is the exact nature of the need? When do they become aware of the need -- that is, do they experience their need all the time or only sometimes? How long have they had the need? When did they first become aware of their need? Why? How are they currently addressing their need? How satisfied are they with this solution? (This is not a 30-second interview -- these interviews should be lengthy enough to help you capture rich information.)


I spoke with several neighbors of mine in Miami about the concept of opening a Wawa in Miami, specifically in northern Miami-Dade County, and each responded positively to the concept. Surprising, none of them had heard of Wawa or saw a specific need for one, but each also said that they certainly would stop in at least once to give it a try if one opened nearby. None of them would travel though to neighboring Broward County to try the restaurant as it was way out of their way.


5) Reflect. What did you learn about your opportunity? What was the most surprising thing you learned about your opportunity? (You may reflect after each iteration or you may simply include a single reflection that captures all three iterations.)


I just learned from today’s Sun-Sentinel that Wawa is coming to Miami-Dade County and opening three stores in the southern part of the County. I still believe that a fantastic opportunity exists to place a Wawa store in northern Miami-Dade County. My next step is to determine if Wawa owns all of its stores or if they are franchised. If they are franchised I will request a franchise agreement from Wawa, I will try to pool investors for this idea and begin looking for a potential property to lease or purchase. If Wawa stores are all corporately owned then I guess I could propose the opportunity to the company and consumers would benefit, but it would be more difficult to profit from Wawa’s opening of a store. Perhaps I could find a location and purchase an option to buy or lease it and then assign it to Wawa to make a profit.


6) Repeat twice more steps 3, 4, and 5. Please be explicit with each step in your blog post.


I received the nearly identical reaction from two other neighbors I interviewed about potentially opening a Wawa in northern Miami-Dade County. They had not heard of the Wawa chain, but were very interested in its concept.


7) Summarize. It's very likely that your opportunity belief changed between the outset and as a consequence of your customer interactions. Three questions:


How much of your original opportunity is still there?


It might be there if Wawa franchises stores and I can find a location and investors.


Do you believe that your new opportunity is more accurate than when you started?


This will depend on whether Wawa franchises stores.


How much do you think entrepreneurs should 'adapt' their opportunities based on customer feedback? (In other words, is there a trade-off between adapting and staying firm?)


Customer demand is the key to any successful business opportunity. If nobody is willing to buy your product or service then no matter how creative an idea may be it will not translate into a profitable venture.